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cliff without raising tax rates. about 24 hours after i spoke, the congressional budget office released a report showing that the most harmful consequences of the fiscal cliff come from increasing tax rates. according to ernst and yuoung, raising the top rates would destroy nearly 700,000 jobs in our country. the members of our majority understand how important it is to avert the fiscal cliff. it's why the house took action earlier this year to replace the sequester with other types of cuts, and is also why over the summer we passed a bill to extend all of the current tax rates. for one year, so that we had time to overhaul our tax code. and it's why i outlined a responsible path forward where we can replace the spending cuts and extend the current rates, paving the way for entitlement reform, as well as tax reform, with lower rates. 2013 should be the year we begin to solve our debt through tax reform and entitlement reform. and i'm proposing we avert the fiscal cliff together in a manner that ensures that 2013 is f
cliff without raising tax rates. about 24 hours after i spoke, the congressional budget office released a report showing that the most harmful consequences of the fiscal cliff come from increasing tax rates. according to ernst and yuoung, raising the top rates would destroy nearly 700,000 jobs in our country. the members of our majority understand how important it is to avert the fiscal cliff. it's why the house took action earlier this year to replace the sequester with other types of cuts,...
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so we have to have a debate over bigger issues than the fiscal cliff on taxes and spending. why we can't come together in the short-term for something that could hurt us in our short-term pocketbooks, it's delaying a bigger conversation that's going to have to be had. >> that's what congress does. >> i want one name. who is the savior who is going to swoop in and convince everybody to do their jobs? roland? >> jesus. you need jesus to come down and blow like lazarus and blow breath into these dead, lifeless bodies. >> if you think i'm beginning to follow jesus with steve louisiana tor ret, you're crazy. >> sorry, baby. can't top jesus. >> thank you so much. we'll be right back. [ nyquil bottle ] you know i relieve coughs, sneezing, fevers... [ tylenol bottle ] me too! and nasal co [ tissue box ] he said nasal congestion. yeah...i heard him. [ female announcer ] tylenol® cold multi-symptom nighttime relieves nasal congestion. nyquil® cold and flu doesn't. >>> more good economic news this morning when can tcomes to new home sales. they are up for the month of november and th
so we have to have a debate over bigger issues than the fiscal cliff on taxes and spending. why we can't come together in the short-term for something that could hurt us in our short-term pocketbooks, it's delaying a bigger conversation that's going to have to be had. >> that's what congress does. >> i want one name. who is the savior who is going to swoop in and convince everybody to do their jobs? roland? >> jesus. you need jesus to come down and blow like lazarus and blow...
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and it won't be solved by raising taxes or taking a plunge off the fiscal cliff. what we can do is avert the cliff in a manner that serves as a down payment on and a catalyst for major solutions enacted in 2013 to begin to solve the problem. mr. president, republican majority here in the house stands ready to work with you to do what's best for our country. that's exactly what i told the president earlier today. that is the will of the people, and we will answer to them. and doing what's best means fully considering the impact of the policies that will be set in motion. the independent accounting firm ernst and young says going over part of the fiscal cliff and raising taxes on the top two rates would cost our economy more than 700,000 jobs. ernst and young also confirm that many of those hit with a rate increase will be small business owners. the very people who both parties acknowledge are the key to private sector job creation. there is an alternative to going over the fiscal cliff. in whole or in part. it involves making real changes to the financial structure
and it won't be solved by raising taxes or taking a plunge off the fiscal cliff. what we can do is avert the cliff in a manner that serves as a down payment on and a catalyst for major solutions enacted in 2013 to begin to solve the problem. mr. president, republican majority here in the house stands ready to work with you to do what's best for our country. that's exactly what i told the president earlier today. that is the will of the people, and we will answer to them. and doing what's best...
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. >> fiscal cliff. fiscal cliff. you think that's funny? fiscal cliff. debt ceiling. tax cuts. fiscal cliffs. >> that's 5-month-old mace john jackson and tax hikes and now the president and dan lothian from the white house, how is the president handling this? he's probably not doing as much laughing. >> reporter: what you saw today is the president bringing in americans. he says they will be impacted if the middle class tax cuts are not extending. they sent a message out there to republicans saying that they need to come on board and support this effort. republicans pushing back thinking that they don't think the upper income americans should see their taxes go up. what the president said to those who were here and those watching, put pressure on their lawmakers to support pushing out the bush era tax cuts for just middle class americans, not just through this effort but to text, to call, to send a fax, even twitter and the white house coming up with y2k referring to the amount of average middle class families would see their taxes go up by the white house says, $2200. so the p
. >> fiscal cliff. fiscal cliff. you think that's funny? fiscal cliff. debt ceiling. tax cuts. fiscal cliffs. >> that's 5-month-old mace john jackson and tax hikes and now the president and dan lothian from the white house, how is the president handling this? he's probably not doing as much laughing. >> reporter: what you saw today is the president bringing in americans. he says they will be impacted if the middle class tax cuts are not extending. they sent a message out there...
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if this tax break goes away as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depending on the tax bracket they're in. on average it would be between 20 to $25,000. the banks have an extra incentive to stel short and absorb the loss. under the national mortgage settlement act that went into effect earlier this year, the nation's biggest lenders get a credit for short sales as a form of foreclosure relief. foreclosures sell for $3700 less than homes via short sale. as we near the fiscal cliff you could expect short sales jump more as homeowners look it to aavoid gigt hit with tacks and bankss with foreclosed prormts. if we go over the cliff, the tax bill homeowners face with a short sale may be steep enough to walk away instead, and that would push foreclosure rates higher in 2013. for smart is the new rich, i'm christine romans. americans are always ready to work hard for a better future. since ameriprise financial was founded back in 1894, they've been c
if this tax break goes away as part of the so-called fiscal cliff, those homeowners could be taxed on that $95,000 as additional income starting in 2013. >> how much homeowners will owe in taxes on that amount depending on the tax bracket they're in. on average it would be between 20 to $25,000. the banks have an extra incentive to stel short and absorb the loss. under the national mortgage settlement act that went into effect earlier this year, the nation's biggest lenders get a credit...
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if no deal is struck and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room, and that will absolutely leave an awful lot of voters, democratic and republican, unhappy. >> tom, you even picked red and green for the season? i'm kidding. tom foreman explaining to us in a way that absolutely no one else can. we have got to figure out a way to bottle this guy. he's awesome. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having diff
if no deal is struck and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room, and that will absolutely leave an awful lot of voters, democratic and republican, unhappy. >> tom, you even picked red and green for the season? i'm kidding. tom foreman explaining to us in a way that absolutely no one else can. we have got to figure out a way to bottle this guy. he's awesome. so now i can be in the...
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perhaps the biggest challenge the so-called fiscal cliff, a series of tax increases and spending cuts that experts warn taken together could plunge the economy back into recession. >> they will have about four weeks after election to deal with some of the largest tax increases and spending cuts seen at one time. >> reporter: $110 billion in cuts from defense to education to food inspections last year aalone will take effect in january. one problem, republicans and democrats disagree on the bush tax cuts due to expire at the end of this year. >> americans know what works, low taxes, reasonable regulations and leaving within our means. >> reporter: democrats led by president obama support them for just people making more than 200,000 a year. uncertainty about just what congress will do is already weighing on the economy. >> it will just be a bumpy ride. businesses are slower to hire. government agencies are slower to give out contracts. it is sort of creeping into the economy now and that will just get worse the longer congress works to deal with this. >> reporter: wait is what congress
perhaps the biggest challenge the so-called fiscal cliff, a series of tax increases and spending cuts that experts warn taken together could plunge the economy back into recession. >> they will have about four weeks after election to deal with some of the largest tax increases and spending cuts seen at one time. >> reporter: $110 billion in cuts from defense to education to food inspections last year aalone will take effect in january. one problem, republicans and democrats disagree...
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cliff. tax breaks are scheduled to expire for all of us and deep mandatory budgets cuts will kick in then. here is athena jones. >> it's time to get back to work. >> reporter: with the election in the rear view mirror, the focus in washington is back on efforts to avoid the economically devastating fiscal cliff. >> if we just go over the cliff and let the policies stay in effect, we're basically going to undo the recovery. neither party really wants to be blamed for that. >> reporter: the cliff amounts to $7 trillion in spending cuts and tax increases over the next decade. the threat of these painful cuts set to begin on january 1st is part of a deal congress and the president made last year to force them to agree on a long-term deficit reduction plan. >> unprecedented scenario that congress has basically put a gun to its own head and said if we don't act, we're going to shoot ourselves. >> so far, that long-term plan hasn't materialized. the biggest chunk of the cliff, the bush tax cuts. th
cliff. tax breaks are scheduled to expire for all of us and deep mandatory budgets cuts will kick in then. here is athena jones. >> it's time to get back to work. >> reporter: with the election in the rear view mirror, the focus in washington is back on efforts to avoid the economically devastating fiscal cliff. >> if we just go over the cliff and let the policies stay in effect, we're basically going to undo the recovery. neither party really wants to be blamed for that....
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this law is expiring in a few days as part of the fiscal cliff. if congress does nothing, homeowners selling at a loss will have a big tax bill to deal with. it could be in the tens of thousands of dollars. it it comes at a time when they can least afford it. >> how are the markets doing today with all the news about the fiscal cliff and going over it being a possibility? >> markets are selling off just a bit. the dow is down 75 points. with rumors of congress coming back into session over the weekend, we did see the markets turn around a bit yesterday. now the selloff continues. there's just not a lot of confidence that a deal can get done. the reason you're seeing the dow down 76 points. >> all right, alison kosik at the new york stock exchange. thank you. >>> chicago reached a dubious milestone overnight. a shooting victim on the west side became the city's 500th homicide of the year. police say the 40-year-old man was shot in the head outside a convenience store. no arrests were made. chicago has been struggling for decades to overcome an epid
this law is expiring in a few days as part of the fiscal cliff. if congress does nothing, homeowners selling at a loss will have a big tax bill to deal with. it could be in the tens of thousands of dollars. it it comes at a time when they can least afford it. >> how are the markets doing today with all the news about the fiscal cliff and going over it being a possibility? >> markets are selling off just a bit. the dow is down 75 points. with rumors of congress coming back into...
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unless congress acts to avert the so-called fiscal cliff. in addition, several key tax benefits are scheduled to expire at the end of the year that will have a direct impact on the pocketbooks of many americans. take a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works for time earning $30,000 a year and going to school part time, his tax rate would stay the same at 15%, but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take effect, the impact is already being felt because of uncertainty. 401(k) plans are taking a hit. several companies have put a freeze on hiring. and the next thing to watch for, the retail sector which makes most of its money in the final weeks of the year. >> i'm shortening down the l
unless congress acts to avert the so-called fiscal cliff. in addition, several key tax benefits are scheduled to expire at the end of the year that will have a direct impact on the pocketbooks of many americans. take a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in...
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some taxes could still go up even if congress avoid a full fiscal cliff. a good example is the payroll tax credit. expect that to expire no matter what. the reality is there's no champion behind it. the white house isn't pushing for an extension. tim geithner said this was meant to be a temporary tax cut. the worse case scenario somebody making $50,000 would pay an extra $1,000 in payroll taxes. the bigger picture is hopefully we avoid the tax policy centers doomsday scenario. suzanne. >> thank you. new york police say the theft of apple products way up. more than 11,000 apple gadgets have been stolen so far this year. that's 3,000 more than last year at this time. it weren't for the increase in those thefts crime would be down in the city. booths were set up outside of the apple stores to help buyers activate technology that can track stolen phones. >>> paramedics supposed to save your life not put it in danger but that's what happened to some folks in boston. after lauren b, i went to the citi private pass page and decided to be...not boring. that's how
some taxes could still go up even if congress avoid a full fiscal cliff. a good example is the payroll tax credit. expect that to expire no matter what. the reality is there's no champion behind it. the white house isn't pushing for an extension. tim geithner said this was meant to be a temporary tax cut. the worse case scenario somebody making $50,000 would pay an extra $1,000 in payroll taxes. the bigger picture is hopefully we avoid the tax policy centers doomsday scenario. suzanne. >>...
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cliff, as part of a grand taxes and entitlement bargain? >> maybe. there are two ways in which the fiscal cliff can be avoided. way number one is if between now and january 1st, congress and the president decide to delay everything. delaid the tax increase that would come about because of the end of the bush tax cuts and delay spending cuts to a date, say march 15th, by which time they would have to come up with a grand bargain with respect to deficit reduction. that's possible. this congress and president have shown their ability to kick the can down the road and they could do it again. the second way is if they came to a grand bargain on taxes and deficit reduction in late january or even february that was retroactive to jb 1st. if it's retroactive to january 1st and everybody knows it's likely to be retroactive to january 1st, it's not going to have the same effect on the economy, more like a hill. >> a fiscal mole hill. what areas can and should the president compromise, and if the gop asked, what areas should the gop and house compromi
cliff, as part of a grand taxes and entitlement bargain? >> maybe. there are two ways in which the fiscal cliff can be avoided. way number one is if between now and january 1st, congress and the president decide to delay everything. delaid the tax increase that would come about because of the end of the bush tax cuts and delay spending cuts to a date, say march 15th, by which time they would have to come up with a grand bargain with respect to deficit reduction. that's possible. this...
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president, on the fiscal cliff, two years ago, sir, you said that you wouldn't extend the bush era tax cuts, but at the end of the day you did, so respectfully, sir, why should the american people and the republicans believe that you won't cave again this time? >> well, two years ago the economy was in a different situation. we were still very much in the early parts of recovering from the worst economic crisis since the great depression, and ultimately we came together not only to extend the bush tax cuts, but also a wide range of policies that were going to be good for the economy at that point. unemployment insurance extensions, payroll tax extension, all of which made a difference and is part of the reason why what we've seen now is 32 consecutive months of job growth and over 5.5 million jobs created and the unemployment rate coming down. but what i said at the time is what i meant, which is this was a one-time proposition. what i have told leaders privately as well as publicly is that we cannot afford to extend the bush tax cuts for the wealthy. what we can do is make sure that m
president, on the fiscal cliff, two years ago, sir, you said that you wouldn't extend the bush era tax cuts, but at the end of the day you did, so respectfully, sir, why should the american people and the republicans believe that you won't cave again this time? >> well, two years ago the economy was in a different situation. we were still very much in the early parts of recovering from the worst economic crisis since the great depression, and ultimately we came together not only to extend...
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time for a fiscal cliff update for you. nothing much going on in public at least as president obama hits the road to campaign for higher tax rates on the rich. the list of pledge signers willing to consider raising taxes on the rich already includes republican senator bob corker of tennessee. not that he or the others you see here really want taxes to go up for anyone, but corker says agreeing to increases for the top 2% shifts the discussion. >> a lot of people are putting forth a theory and i actually think it has merit where you go ahead and give the president the 2% increase that he's talking about, the rate increase on the top 2%, and all of a sudden the shift goes back to entitlements. >> the shift he's talking about is the political pressure to get larger spending cuts which a good many democrats oppose. we'll see how it works out for him because spending cuts are not working out for italy's government. prime minister mario monti announced he would resign after losing support over his austerity moves. a return of pol
time for a fiscal cliff update for you. nothing much going on in public at least as president obama hits the road to campaign for higher tax rates on the rich. the list of pledge signers willing to consider raising taxes on the rich already includes republican senator bob corker of tennessee. not that he or the others you see here really want taxes to go up for anyone, but corker says agreeing to increases for the top 2% shifts the discussion. >> a lot of people are putting forth a theory...
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and as we talk about the fiscal cliff, we talk mostly about the tax increase, but it is more than just that. tom foreman explains now. >> as these negotiations go on, everybody says here comes the cliff, here comes the cliff. it is not a sudden effect because it doesn't all happen at once. but it does happen and some people will feel it absolutely more than others. remember there are automatic mandatory cuts that will kick in in the circumstance and hit many different departments. for example, if you are unemployed now, benefits will stop for 2.1 million unemployed americans if we go over the cliff and just as a point of reference here, if, in fact, they wanted to extend the benefits, that would cost $30 billion, which is not a whole lot in the federal budget, but nonetheless, a group that would feel the cliff and feel it fast. what about people who are traveling out there, the transportation department. $1 billion in cuts to mandatory spending in the transportation department. what will that mean? slower air travel and higher fares. i'll tell you why. because there will be fewer air t
and as we talk about the fiscal cliff, we talk mostly about the tax increase, but it is more than just that. tom foreman explains now. >> as these negotiations go on, everybody says here comes the cliff, here comes the cliff. it is not a sudden effect because it doesn't all happen at once. but it does happen and some people will feel it absolutely more than others. remember there are automatic mandatory cuts that will kick in in the circumstance and hit many different departments. for...
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cliff. a huge package of tax hikes and spending cuts will kick in january one. they spent time blaming each other for not getting serious. in his weekly address, president obama says he is ready to make a deal but wouldn't accept continued tax cuts for the wealthiest people. >>> the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans on board, i'll sign this bill as soon as congress sends it my way. but, it is unacceptable for some republicans in congress to hold middle class tax cuts hostage simply because they refuse to let tax rates go up on the richest americans. >> republicans say tax hikes on the wealthy mean tax hikes for small businesses, something they insist they cannot accept. here is long-time gop senator orin hatch. >> unfortunately, some on the other side of the aisle are indicating a disastrous thelma and louise idea, that will put us
cliff. a huge package of tax hikes and spending cuts will kick in january one. they spent time blaming each other for not getting serious. in his weekly address, president obama says he is ready to make a deal but wouldn't accept continued tax cuts for the wealthiest people. >>> the senate has already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. and if we can just get a few house republicans on board,...
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but perhaps the biggest challenge, the so-called fiscal cliff, a series of tax increases and spending cuts that experts warn taken together could plunge the economy back into recession. >> they'll have four weeks after the election to deal with some of the largest tax increases and spending cuts that the country has ever seen at one time. >> $110 billion in cuts to everything from defense to education to food inspections next year alone will take effect in january unless lawmakers reach agreement on reducing the deficit. one problem -- republicans and democrats disagree on the bush tax cuts due to expire the end of this year. republicans want them extended for everyone. gl americans know what works. low taxes reasonable regulations, and living within our means. >> reporter: democrats led by president obama support extending them just for people making less than $200,000 a year. >> i don't believe and you don't believe that another round of tax breaks for millionaires is going to bring good jobs back to our shores or pay down or deficit. >> reporter: uncertainty about just what congres
but perhaps the biggest challenge, the so-called fiscal cliff, a series of tax increases and spending cuts that experts warn taken together could plunge the economy back into recession. >> they'll have four weeks after the election to deal with some of the largest tax increases and spending cuts that the country has ever seen at one time. >> $110 billion in cuts to everything from defense to education to food inspections next year alone will take effect in january unless lawmakers...
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many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go up because tax cuts will expire like the bush tax cuts, tax holiday. i'm talking about income taxes and capital gains taxes. all of that would go up unless congress and the president can get their act together and stop it all from happening. that's what wall street is going to be focused on until the end of the year. and the way wall street sees it, the way everybody sees it is they'd like to see a deal sooner rather than later especially for a lot of companies. a lot of companies are holding off on hiring because they don't know what the tax situation is going to b
many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go...
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now, tax hikes are the biggest part, but not the only part of the fiscal cliff. seeing it as a fiscal cliff, the new year will also bring more than $100 billion in spending cuts, if -- if congress and the president can't agree on some other course. all of this brings me to my friend, cnn's christine romans with details on the toll on consumer spending. we threw out the number, $200 billion. what does that mean? >> it comes straight from the white house, trying to ride the coat tails of black friday weekend when throwing around how much money consumers spent over the past four days. the white house is saying, if these tax cuts go away for the middle class and taxes rise and the amt patch goes away and taxes rise on the middle class, it would dramatically slow growth in gdp next year and would mean $200 billion less in consumers' pockets. what is this right out of the white house report? this reduction of $200 billion is approximately four times the total amount of the 226 million shoppers they spent on black friday weekend last year. they're trying to show you jus
now, tax hikes are the biggest part, but not the only part of the fiscal cliff. seeing it as a fiscal cliff, the new year will also bring more than $100 billion in spending cuts, if -- if congress and the president can't agree on some other course. all of this brings me to my friend, cnn's christine romans with details on the toll on consumer spending. we threw out the number, $200 billion. what does that mean? >> it comes straight from the white house, trying to ride the coat tails of...
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investors continue to worry about the fiscal cliff, higher taxes and federal spending cuts go into effect all at once. there is an expectation that something will get done, that president obama and congress will hammer out a deal. but until lawmakers get there, analysts say there's not much conviction to buy stocks. >> so should we assume until those negotiations here -- 20 seconds -- until those negotiations are finalized in washington we will continue to see this selling off trend on the street? >> the trend really is downward. don't be surprised you will see some pops of green on the screen. but the trend is down just because there is so many uncertainty. it's not just about stocks. it's also about jobs because a lot of companies, brooke, are holding off on hiring because they don't know what the
investors continue to worry about the fiscal cliff, higher taxes and federal spending cuts go into effect all at once. there is an expectation that something will get done, that president obama and congress will hammer out a deal. but until lawmakers get there, analysts say there's not much conviction to buy stocks. >> so should we assume until those negotiations here -- 20 seconds -- until those negotiations are finalized in washington we will continue to see this selling off trend on...
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keep in mind that's despite those doom and gloom reports about the fiscal cliff, potential tax hikes on everyone, if congress does not act. of the people who were surveyed between november 9th and 13th, many of them said they do plan on spending more this year compared to last year. i have some interesting breakouts for you here, carol. more men said that they will spend more this year compared to last year than women. as far as age goes, the generation wires 18 through 24, they say that they, too, plan on spending more. remember, that group of people have had a tough time breaking into the workforce. still, though, they said they planned on spending more as well as latinos and blacks. they, too, say they plan on spending more. so why? that's the big question. why do some people say they plan on spending more this holiday season, simply because as far as the people in this survey, they felt as if their financial situation this year is better than it was last year. carol? >> that's simple. so where are people spending the most money? >> they break it down regionally. and it appears th
keep in mind that's despite those doom and gloom reports about the fiscal cliff, potential tax hikes on everyone, if congress does not act. of the people who were surveyed between november 9th and 13th, many of them said they do plan on spending more this year compared to last year. i have some interesting breakouts for you here, carol. more men said that they will spend more this year compared to last year than women. as far as age goes, the generation wires 18 through 24, they say that they,...
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chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the zoidecisions confronting congress over the next four months are bigger than most of us have seen in our lifetime, i think, on the fiscal will matters at least. >> reporter: athena jones,s cnn, washington. >> hurricane sandy changes the rules for election day. some voters will now cast their ballots by e-mail and fax. how d? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. and the candidate's speech is in pieces all over the district. the writer's desktop and the coordinator's phone are working on a joke with local color. the secure cloud just received a revised intro from the strategist's tablet. and while i make my way into the venue, the candidate will be rehearsing off of his phone. [ can
chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the zoidecisions confronting congress over the next four months are bigger than most of us have seen in our lifetime, i think, on the fiscal will matters at least. >> reporter: athena jones,s cnn, washington. >> hurricane sandy changes the rules for election day. some voters will now cast their ballots by e-mail and fax. how d?...
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Jul 17, 2012
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now part of this will focus on whether the economy is nearing a fiscal cliff due to pending major tax hikes and spending cuts. some democrats are threatening to walk off this cliff, rather than renew busch era tax cuts for the wealthy as republicans want. >> if we can't get a good deal, a balanced deal, that calls on the wealthy to pay their fair share, then i will absolutely continue this debate into 2013, rather than lock in a long-term deal this year that throws middle-class families under the bus. >> the democrats are proposing today is an entirely avoidable, high stakes game of chicken. with the single-minded goal of taking more money from those who earn it for government to waste. >> our chief business correspondent ali velshi is here to take the politics out of this and tell us how all of this -- i know, is that possible? but i do want to know how this all affects, you know, all of us. >> yeah. >> so if the democrats are serious, ali, without legislative action, we will fall off this fiscal cliff, that means tax increases, large domestic and military spending cuts and the expir
now part of this will focus on whether the economy is nearing a fiscal cliff due to pending major tax hikes and spending cuts. some democrats are threatening to walk off this cliff, rather than renew busch era tax cuts for the wealthy as republicans want. >> if we can't get a good deal, a balanced deal, that calls on the wealthy to pay their fair share, then i will absolutely continue this debate into 2013, rather than lock in a long-term deal this year that throws middle-class families...
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Dec 26, 2012
12/12
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every day we're taking a look at how the fiscal cliff if we go off the fiscal cliff how that will affect you from the increase in your tax bill to planning for your retirement. today we'll focus on your portfolio. ryan mack joins me via skype from detroit. >> good morning to you, how are you doing today? >> i'm good. you've got some advice for people to manage their portfolios, let's start with the first step you need to review your asset classes. >> there's a study in the '80s simply says over 95% of your portfolio return will determine exactly how you choose the mixture of stocks and other investments you have in your portfolio. with the assistance of a qualified adviser making sure you have the right mixture of stocks can be ever so crucial especially during the volatile time we see in the markets today. >> if you make any changes i guess you have to take into account what your tolerance is for risk. >> yes. i mean look, we've seen the markets going crazy right now, a lot of individuals are looking up and downs and a lot of things we're telling the folks we work with, let's look at it
every day we're taking a look at how the fiscal cliff if we go off the fiscal cliff how that will affect you from the increase in your tax bill to planning for your retirement. today we'll focus on your portfolio. ryan mack joins me via skype from detroit. >> good morning to you, how are you doing today? >> i'm good. you've got some advice for people to manage their portfolios, let's start with the first step you need to review your asset classes. >> there's a study in the...
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Dec 27, 2012
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both sides say they want to avoid the tax increases to avoid the fiscal cliff. they can't seem to get past the blame game here. if there's no deal, how is it going to work, how are they going to feel? people are struggling. i want to bring in our cnn contributor john avlon about this. john, it's a game we keep playing over and over. they come to the very edge and they get something done. we're talking five days now which seems pretty pathetic. do we anticipate that this is -- this is going to be worked out, even if it's the last minute, last minute, that something is going to get done? >> i mean that is the hope. you hope for the best but prepare for the worst. and there's been an increased tone of pessimism on capitol hill. harry reid said late last night he wondered if there was enough time to get this done. we've known this cliff was coming for months and yet the capitol hill in washington seems to be taking this at the last minute hoping they can throw a hail mary in the last couple of days. they haven't been talking or dealing. the president's apparently go
both sides say they want to avoid the tax increases to avoid the fiscal cliff. they can't seem to get past the blame game here. if there's no deal, how is it going to work, how are they going to feel? people are struggling. i want to bring in our cnn contributor john avlon about this. john, it's a game we keep playing over and over. they come to the very edge and they get something done. we're talking five days now which seems pretty pathetic. do we anticipate that this is -- this is going to...
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Nov 26, 2012
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those worries about the fiscal cliff, you know, the tax hikes, the spending cuts happening all at once. congress gets back to work this week, so, you know, investors are closely watching to see if they're going to be able to hammer out a deal. there are also worries about whether or not greece can can get another loan payment. so there are some questions there. that's weighing on the market, not giving much reason for investors to buy in, at least not yet, carol. >> alison kosik from the new york stock exchange. we'll be right back. >>> market update is sponsored by charles schwab. start trading with street smart edge today. 1-800-345-2550 when i'm trading, i'm so into it, tdd#: 1-800-345-2550 hours can go by before i realize tdd#: 1-800-345-2550 that i haven't even looked away from my screen. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 that kind of focus... tdd#: 1-800-345-2550 that's what i have when i trade. tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 and the streetsmart edge trading platform from charles schwab... tdd#: 1-800-345-2550 ...helps me keep an eye on what's really important
those worries about the fiscal cliff, you know, the tax hikes, the spending cuts happening all at once. congress gets back to work this week, so, you know, investors are closely watching to see if they're going to be able to hammer out a deal. there are also worries about whether or not greece can can get another loan payment. so there are some questions there. that's weighing on the market, not giving much reason for investors to buy in, at least not yet, carol. >> alison kosik from the...
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Nov 12, 2012
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cliff negotiations and now i want to go to wolf blitzer on the tax issue. we heard a sharp distinction between taxes and raising income, the tax rates themselves, and now comes this potential bombshell from very powerful conservative commentator bill kristol. have a listen. >> the leadership in the conservative movement needs to flow back and let's have a serious debate and don't scream and yell when someone says it won't hurt the country if we raise the taxes a little bit on the millionaires. i don't know why they don't take obama's offer to freeze taxes for anyone below 250,000. really, the are republicans are going to fall apart, half of whom voted democrat and half whom live in hollywood? >> wolf, that was surprising to a lot of people, journalists and republicans alike. does this mean that the sentiment is swaying? >> it certainly means that some, like bill kristol, are saying make sure that taxes don't go up for 98% of the american public. those earning individually under 200 thourk or 250 thourk as a family. there have been some democrats like chuck
cliff negotiations and now i want to go to wolf blitzer on the tax issue. we heard a sharp distinction between taxes and raising income, the tax rates themselves, and now comes this potential bombshell from very powerful conservative commentator bill kristol. have a listen. >> the leadership in the conservative movement needs to flow back and let's have a serious debate and don't scream and yell when someone says it won't hurt the country if we raise the taxes a little bit on the...
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Sep 24, 2012
09/12
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the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of outline for me what sort of a tipping point is that? >> so a lot of people who follow science and innovation are concerned. if we are going to lead into the next century we have to maintain our innovative edge. the fiscal cliff will mean big cuts to federally funded research. and this is the way one of the industry groups has looked at this. 200,000 job cuts by next year. the cost of gdp could be $860 billion. so what does that mean? how much is that? if you look at the low end of estimates for what the economy will be hurt, how badly hurt by just cuts it is six months of new vehicle perches, two years o
the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of...
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Dec 28, 2012
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that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall and don't come through and the cliff comes, people will, indeed, feel it all over this country. >>> u.s. army general whose temper earned him the name stormin' norman has died. general norman schwarzkopf was one of the most celebrated military leaders in the post-vietnam era. he led coalition forces pushing iraq out of kuwait in 1991's "operation desert storm." the retired general died yesterday in tampa, florida, at age 78. >>> former president george h.w. bush released this statement. he says, "general schwarzkopf epitomized the duty, service, country creed that has defended our freedom and seen this great nation through our most trying international crises." >>> a spokesman for f
that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall and don't come through and the cliff comes, people will, indeed, feel it all over this country. >>> u.s. army general whose temper...
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>> what we're talking about now is the tax part of the fiscal cliff. as you know, the senate on a bipartisan basis has already passed a bill. so that has to be the foundation of more than the senate does. when you say the action begins in the senate, that's because speaker boehner has declared that the house will not even vote on that compromised senate bill. that's a choice that he's made. he's said that he's not going to allow a vote to come up in the house unless half of the republican members support it, even though it might have support with the full majority in the house. in other words, i believe we could take up the bill that prevents the fiscal cliff and get it passed in the house. the only thing preventing us from doing that is that the speakers refuse to allow a vote on that. people need to understand that that plan would provide tax relief to 100% of american families on their first $250,000 of income and for folks above that level, they would be paying a little more on the amount of their income above $250,000. that was the bipartisan sena
>> what we're talking about now is the tax part of the fiscal cliff. as you know, the senate on a bipartisan basis has already passed a bill. so that has to be the foundation of more than the senate does. when you say the action begins in the senate, that's because speaker boehner has declared that the house will not even vote on that compromised senate bill. that's a choice that he's made. he's said that he's not going to allow a vote to come up in the house unless half of the republican...
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Dec 29, 2012
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we go over the fiscal cliff, somewhere between 2,500 and 3,500 bucks per household depending on houch you make and various things. you can calculate that. we can't calculate all the companies that will lay people off, consumer confidence which took a dmooif the last month after doing so well for so many months because consumers don't know what's going to go on. that will lead to layoffs in january. those holiday sales not as strong as we hoped they would be. that's the stuff you can't measure. that's what takes this plodding economy into possibly an economy that's doing quite badly in a world, martin, where china is doing not as well, brazil isn't, india, europe's at a standstill. we can't afford this. it's that intangible that's more serious than how much you pay in taxes in 2013. >> before you go, how do you think the markets refact there's a stopgap measure? are they going to fear that more than if there was a permanent deal? >> markets hate uncertainty. that's the one thing. if we've got a stopgap measure, do we have a sense of when it will be resolved? some say go over the cliff,
we go over the fiscal cliff, somewhere between 2,500 and 3,500 bucks per household depending on houch you make and various things. you can calculate that. we can't calculate all the companies that will lay people off, consumer confidence which took a dmooif the last month after doing so well for so many months because consumers don't know what's going to go on. that will lead to layoffs in january. those holiday sales not as strong as we hoped they would be. that's the stuff you can't measure....
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Aug 10, 2012
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the other, the fiscal cliff. that's when tax increases and spending cuts go into effect on january 1st. congress needs to figure out how it's going to keep us from falling off this so-called cliff. here's the thing. nothing's likely to be done until after the election. it leave as small window for congress to get off its you-know-what and do something about it. >>> meantime we're also getting new pictures of the martian surface from nasa, and we'll show you some of them. >>> the rover curiosity on the surface of mars, day five, nasa scientists just spoke to reporter john zarrella who's staying on top of e everything at the jet propulsion laboratory in pasadena. so, john, they talked about the seven moments of terror, so to speak. why are they going over that again. >> yeah, fredricka. we hadn't heard about the landing and descent. they're still talking at this briefing because they're still all jazzed up by how well everything went and how well their calculations worked. in fact, they started off the press briefi
the other, the fiscal cliff. that's when tax increases and spending cuts go into effect on january 1st. congress needs to figure out how it's going to keep us from falling off this so-called cliff. here's the thing. nothing's likely to be done until after the election. it leave as small window for congress to get off its you-know-what and do something about it. >>> meantime we're also getting new pictures of the martian surface from nasa, and we'll show you some of them. >>>...
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Aug 11, 2012
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reform and the fiscal cliff we're facing instead of silly things like obama, and romneyhood. the romney campaign thinks it helps them. >> you have a nice, big, gardening project that looks like is unfolding behind you there. >> they've been doing this for more than a year for a while. there's a rehab going on here at the white house. >> it is particularly pronounced today. jessica yellin, thanks so much at the white house. >>> romney and ryan are already hard at work. we hit the campaign trail with them next.iu steak. let's see what people think. it's a steak-over. it's juicy. it's tender. it seems like it just melts in my mouth. that's a nice steak. only one in five steaks is good enough to be called walmart choice premium beef. you are eating walmart steaks. really? this is fabulous. the steak is excellent. i'm gonna go to walmart and bring it here. [ laughter ] walmart choice premium steak. try it, tell us what you think on facebook. by the way, it's 100% money back guaranteed. wouldn't it be nice if there was an easier, less-expensive option than using a traditional lawye
reform and the fiscal cliff we're facing instead of silly things like obama, and romneyhood. the romney campaign thinks it helps them. >> you have a nice, big, gardening project that looks like is unfolding behind you there. >> they've been doing this for more than a year for a while. there's a rehab going on here at the white house. >> it is particularly pronounced today. jessica yellin, thanks so much at the white house. >>> romney and ryan are already hard at work....